Remittance Account. Borrower agrees that Lender may at any time require Borrower to institute procedures whereby the payments and other proceeds of the Accounts shall be paid by the Account Debtors under a remittance account or lock box arrangement with Lender, or Lender's agent, or with one or more financial institutions designated by Lender. Borrower further agrees that, if no Event of Default exists under this Agreement, any and all of such funds received under such a remittance account or lock box arrangement shall, at Lender's sole election and discretion, either be (a) paid or turned over to Borrower; (b) deposited into one or more accounts for the benefit of Borrower (which deposit accounts shall be subject to a security assignment in favor of Lender); (c) deposited into one or more accounts for the joint benefit of Borrower and Lender (which deposit accounts shall likewise be subject to a security assignment in favor of Lender); (d) paid or turned over to Lender to be applied to the Indebtedness in such order and priority as Lender may determine within its sole discretion; or (e) any combination of the foregoing as Lender shall determine from time to time. Borrower further agrees that, should one or more Events of Default exist, any and all funds received under such a remittance account or lock box arrangement shall be paid or turned over to Lender to be applied to the Indebtedness, again in such order and priority as Lender may determine within its sole discretion.
Remittance Account. Borrower agrees that Lender may at any time require Borrower to institute procedures whereby the payments and other proceeds of the Accounts shall be paid by the Account Debtors under a remittance account or lock box arrangement with Lender, or Lender's agent, or with one or more financial institutions designated by Lender. Borrower further agrees that, if no Event of Default exists under this Agreement, any and all of such funds received under such a remittance account or lock box arrangement shall, at Lender's sole election and discretion, either be (1) paid or turned over to Borrower; (2) deposited into one or more accounts for the benefit of Borrower (which deposit accounts shall be subject to a security assignment in favor of Lender); (3) deposited into one or more accounts for the joint benefit of Borrower and Lender (which deposit accounts shall likewise be subject to a security assignment in favor of Lender); (4) paid or turned over to Lender to be applied to the Indebtedness in such order and priority as Lender may determine within its sole discretion; or (5) any combination of the foregoing as Lender shall determine from time to time. Borrower further agrees that, should one or more Events of Default exist, any and all funds received under such a remittance account or lock box arrangement shall be paid or turned over to Lender to be applied to the Indebtedness, again in such order and priority as Lender may determine within its sole discretion.
Remittance Account. If so indicated in Section 13 hereof, the proceeds received by Borrower from its inventory and collection of accounts receivable, which, pursuant to the Security Agreements (hereinafter defined), are required to be transmitted to Bank, shall be handled and administered by Bank in and through a remittance account in accordance with the provisions of the Security Agreements.
Remittance Account. (a) On or before the Closing Date, Xxxxxx Mac shall establish the Remittance Account and provide the Central Servicer with information concerning its location. The Central Servicer, on or before 10:00 a.m. Central Servicer’s local time on each Remittance Date, shall deposit in same day funds an amount equal to the Qualified Loan Receipts for the preceding Collection Period.
Remittance Account. Debtor shall not have any right to make any withdrawals from or issue checks against the Remittance Account. Secured Party will apply distributions from the Remittance Account in accordance with the express provisions of the Credit Agreement.
Remittance Account. Lender shall have received evidence in form and substance satisfactory to Lender showing the establishment of the Remittance Account and compliance with the terms and conditions of the Account Control Agreement.
Remittance Account. After the occurrence of a Default or Event of Default, at the request of the Bank, instruct Account Debtors to make payments directly to a lockbox or cash collateral account maintained by the Bank in the Borrower’s name, to be applied against the Liabilities or, at the Bank’s sole election and discretion, to be paid or turned over, in whole or in part, to the Borrower.
Remittance Account. Borrower shall and Borrower shall instruct Retailer to deposit all proceeds from the sale of the Products to a remittance account (the “Remittance Account”) identified by Lender and controlled by Lender. Funds in the Remittance Account shall be applied to the payment of the Obligations in accordance with Section 3 of the Security Agreement.
Remittance Account. (a) The Servicer shall cause to be established and, in accordance with the Account Control Agreement, maintained at all times an Eligible Account (the “Remittance Account”) on behalf of and in the name of the Borrower. The Borrower shall possess all right, title and interest in all funds on deposit from time to time in the Remittance Account subject to the security interest of the Lender and shall hold all funds therein in trust on behalf of and as fiduciary for the Lender. The Borrower shall have no right of withdrawal from the Remittance Account.
Remittance Account. Debtor shall instruct Retailer to deposit and Debtor shall deposit all proceeds from the sale of the Products to a remittance account (the “Remittance Account”) identified in writing by Secured Party and controlled by Secured Party. Funds deposited into the Remittance Account shall be applied by Secured Party as follows: First, to Secured Party in an amount sufficient to pay in full Secured Party’s costs and professionals’ and advisors’ fees and expenses as described in Section 8.3(a) of the Loan Agreement; Second, to Secured Party in an amount equal to the then unpaid amount of the Obligations (including principal, interest, and the Transaction Fees), in such order and priority as Secured Party may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in cash of all of the Obligations, to Debtor or its representatives or as a court of competent jurisdiction may direct. Secured Party shall utilize its commercially reasonable best efforts to distribute all funds from the Remittance Account that are payable to Debtor within one (1) business day after deposit.
